Buy Mphasis; target of Rs 420: IIFL

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Buy Mphasis; target of Rs 420: IIFL

IIFL is bullish on Mphasis and has recommended buy rating on the stock with a target of Rs 420 in its February 21, 2012 research report.

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IIFL is bullish on Mphasis and has recommended buy rating on the stock with a target of Rs 420 in its February 21, 2012 research report.

"Mphasis has given an upside breakout after consolidating around its 200-DMA for three trading weeks, which resembles bullish structure. Breakout is also seen in daily RSI after formation of rounding bottom, this provide supplementary evidence of sustainable upmove in the counter and stock is likely to head towards Rs420 in the medium term. We advise buying the stock above Rs399 with stop loss of Rs392 for an immediate target of Rs420. (Duration 4 days)," says IIFL research report.

FIIs holding more than 30% in Indian cos

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